Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please post all the steps and work. I would like to see how you got all the answers! Thank you! Work in Process Account Data
Please post all the steps and work. I would like to see how you got all the answers! Thank you!
Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal., 400 units, 20% completed: Direct materials (400 x $3.6) $ 1,440 Conversion (400 x 20% x $1.5) 120 $ 1,560 From Smelting Department, 9,280 units $34,336 Direct labor 9,526 Factory overhead 5,130 > During September, 400 units in process on September 1 were completed, and of the 9,280 units entering the department, all were completed except 1,100 units that were 60% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 10,700 units $41,730 Direct labor 12,740 Factory overhead 6,861 During October, the units in process at the beginning of the month were completed, and of the 10,700 units entering the department, all were completed except 500 units that were 90% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior neriod and units started and finished in Sentember and (d) work in process inventory If an amount boy does not require an entry leave it blank Assignment 7-Homework eBook Print Item During October, the units in process at the beginning of the month were completed, and of the 10,700 units entering the department, all were completed except 500 units that were 90% completed. Required: 1. Enter the balance as of September 1 in a four-column account for Work in Process-Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the pr period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT Sept. 1 Bal., 400 units, 20% completed 1,560 Sept. 30 Smelting Dept., 9,280 units at $3.7 34,336 35,896 Sept. 30 Direct labor 9,526 45,422 Sept. 30 Factory overhead 5,130 50,552 Sept. 30 Finished goods Sept. 30 Bal., 1,100 units, 60% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department Assignment 7-Homework eBook Print Item Sept. 30 Bal., 1,100 units, 60% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended September 30 Whole Units Equivalent Units Units Direct Materials (a) Conversion (a) Units charged to production: Inventory in process, September 1 400 Received from Smelting Department 9,280 Total units accounted for by the Rolling Department 9,680 Units to be assigned costs: Inventory in process, September 1 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Started and completed in September Transferred to finished goods in September Inventory in process, September 30 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) Costs assigned to production: Inventory in process, September 1 Costs incurred in September Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) $ Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process $ Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department > 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 10,700 units at $3.9 | October 31 Direct labor Transrerred to tinished goods in September C) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 10,700 units at $3.9 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal., 500 units, 90% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Transrerred to tinished goods in September C) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department 2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Rolling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT October 1 Balance October 31 Smelting Dept., 10,700 units at $3.9 October 31 Direct labor October 31 Factory overhead October 31 Finished goods October 31 Bal., 500 units, 90% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Assignment 7-Homework eBook Print Item October 31 Finished goods October 31 Bal., 500 units, 90% completed If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent. Pittsburgh Aluminum Company Cost of Production Report-Rolling Department For the Month Ended October 31 Whole Units Equivalent Units Units Direct Materials (a) Conversion (a) > Units charged to production: Inventory in process, October 1 Received from Smelting Department Total units accounted for by the Rolling Department Units to be assigned costs: Inventory in process, October 1 Started and completed in October Transferred to finished goods in October Assignment 7-Homework eBook Print Item Started and completed in October Transferred to finished goods in October Inventory in process, October 31 Total units to be assigned costs Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for October in Rolling Department Total equivalent units Cost per equivalent unit (b) $ Costs assigned to production: Inventory in process, October 1 Costs incurred in October Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, October 1 balance (c) To complete inventory in process, October 1 (c) Assignment 7-Homework eBook Print Item Total costs accounted for by the Rolling Department Costs allocated to completed and partially completed units: Inventory in process, October 1 balance (c) To complete inventory in process, October 1 (c) Cost of completed October 1 work in process Started and completed in October (c) Transferred to finished goods in October (c) Inventory in process, October 31 (d) Total costs assigned by the Rolling Department from August to October. These 3. The cost per equivalent unit for direct materials from August to October. The cost per equivalent unit for conversion costs be investigated for their underlying causes, and any necessary corrective actions should be taken. > changes Feedback Check My Work Costs accumulate in each department before being transferred to finished goods. There are three types of inventory; materials, work in process, and finished goods. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory. Compare the costs per equivalent unit for January through October. The costs per equivalent units for materials and conversion for January a in the September 1 work in process inventoryStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started